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Bill Baruch's Bullish Crude Oil Trade

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Bill Baruch's Bullish Crude Oil Trade

On CNBC's "Futures Outlook," Bill Baruch of Blue Line Futures spoke about crude oil ahead of the OPEC meeting on Wednesday. He believes that a possible increase in production is already priced in the market.

Related Link: US Oil Imports Are Up In July: Why One Analyst Says Trend Unlikely To Continue

In the intermediate term, he would be a buyer lower at $36.50 and $33.50, but he is bullish in the short term. Baruch wants to buy the August contract if it trades above $41.10. He would place a stop loss at $39.90 and his target price would be $42.30.

 

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